Home Finance King County Housing Authority Buys Bel-Red Apartment Complex for $10.8MM

King County Housing Authority Buys Bel-Red Apartment Complex for $10.8MM

By Meghan Hall

The King County Housing Authority has purchased a Bel-Red apartment complex shortly after Amazon announced its partnership with the agency to provide additional affordable housing in the region. In a deal that closed last week, the Housing Authority purchased the Illahee Apartments for $10.8 million, or $300,000 per unit. The seller was a private entity affiliated with Ralyn LLC, based in Lake Tapps, Wash.

The property is located at 14049 NE Bellevue-Redmond Rd. and includes 36 units. The complex was originally constructed in 1969. Residents have access to a clubhouse and fitness center as well as property management services.

According to information from Apartments.com, the Illahee Apartments include a mix of studio, one-, two-, three- and four-bedroom units ranging in size from about 489 square feet to more than 3,200 square feet. Rents begin for just over 1,000 per month but can exceed $3,300 per month.

Earlier this month, Amazon and the King County Housing Authority announced a continuation and expansion of its partnership to expand affordable housing stock within the Puget Sound. Amazon’s first Housing Equity Fund commitment will include a $161.5 million below market-rate loan and $24 million in grants to preserve affordability for 1,000 apartment homes. The funds allowed the Housing Authority to complete acquisition financing for the Illahee Apartments as well as Pinewood Village (108 units) and Hampton Greens (326 units). 

An additional $4 million of grant funds has been set aside to preserve housing for extremely low-income households, which earn typically less than 30 percent of Area Median Income. These units will be located at the Illahee Apartments.

The Housing Authority’s current portfolio includes over 7,000 units ranging from affordable to moderate- to low-income. Buildings that are part of the fund are expected to remain affordable for at least 99 years.

“Acquiring these properties in Bellevue to ensure that they stay affordable is critical to preserving the economic diversity of this area,” said Stephen Norman, Executive Director of King County Housing Authority in a recent statement. “We are excited to work with Amazon to preserve affordable housing options close to jobs, transit, and schools. Our whole region thrives when a range of housing options is available to all.”